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Home Crypto

Is Axie Infinity Dying? Sales Hit $120 Million Crash

BlockNews Team by BlockNews Team
July 13, 2022
in Crypto
Reading Time: 2 mins read
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Is Axie Infinity Dying? Sales Hit $120 Million Crash
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Axie Infinity became a smash hit sensation in 2021, making play-to-earn games known to a more mainstream crowd. The stories of just playing a game and earning enough money to buy a house became an exciting venture for people who don’t even know anything about cryptocurrencies and blockchain gaming. 

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However, with the recent black swan events, including the stolen $620 million, lackluster updates, gameplay limitations, and the Bitcoin bear market, Axie Infinity went from an all-time high of $4.08 billion to a measly $3.18 million in June 2022.

Continuous Downfall

May was a particularly bad month for the company, with June as no exception. Compared to volumes produced by NBA Top Shot, CryptoPunks, Mutant Ape Yacht Club, BAYC, and Otherdeeds, May’s revenues were amongst the lowest. The only project that had a worse month than Axie Infinity was Decentraland, which is currently in the process of migrating to its own blockchain.

In terms of sales, July was the highest-ever month for January 2022, with approximately $130 million in purchases. Unique buyers were around 314,642 at the end of July, corresponding to 1,296,870 transactions. Axie Infinity’s revenue was about $126.49 million after January.

In June, Axie Infinity’s sales were the lowest monthly in 2022. It was the first time since February 2021 that Axie Infinity had monthly sales below $4 million. Monthly sales were approximately $1.67 million in Feb 2021.

With no massive updates and announcements to refresh the game’s overall quality of life, both players and holders may get fed up and leave the platform for good.

The number of unique buyers has declined significantly, from 70,000 in June 2022 to 52,507 in June 2025. The fall in sales volume is the reason for the decline in transactions, with 52,507 unique buyers and 307,431 transactions recorded.

The total amount of money raised through the sale of Axie Infinity was $1.39 billion, which was a yearly low. The company’s market capitalization dropped by over $123 million in a single day as it plummeted to an annual low on June 1st. The average monthly value for June was about $10.34.

Meanwhile, the price of AXS dropped 38% in June, with the stock beginning trading on June 1 at $23.74 and peaking at $23.89 during the month before testing a monthly low of $11.92 and closing the month at $14.53. In all, this translates to an AXS opening-closing fall of 38.7%.

Tags: crypto
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